That's $10,500 on a $300K home. Flexible credit. No PMI with 10% down.
That's $10,500 on a $300K home. Keep more cash for moving, furniture, and reserves.
More forgiving than conventional loans. Recent credit issues or a thin file? FHA is designed for you.
Family can gift your entire down payment. No limits on gift amounts, we handle all the documentation.
Negotiate closing costs into the deal. Save thousands at the closing table without touching your own cash.
"Credit score was 658. Conventional lenders said no. Got approved FHA with 3.5% down on a $275k townhouse. Down payment was $9,625, closing costs around $7,200. Used a $5k gift from my mom. Payment is $2,090/month with PMI ($203/month). Yeah PMI sucks but it drops off after 11 years. Better than renting forever. Bedrock Mortgage pre-approved me in like 2 days."
"First time buyers, saved $15k for down payment. Found a condo in Doral for $320k. FHA with 3.5% down = $11,200. Had about $8,400 in closing costs, seller credits covered $4k. Total out of pocket was $15,600. Our rent was $2,400/month, now our mortgage is $2,510 with HOA but we're building equity. Closed in 23 days. Miami real estate moves fast so the quick close helped us win the deal."
"Credit score 641 from some stupid mistakes in college. Got approved FHA at 6.625% (higher rate due to credit). $235k house, 3.5% down ($8,225). Parents gifted me $12k, used $8,225 for down payment and rest for closing. Seller paid $5k in seller concessions. Total out of pocket was like $6k. Payment is $1,890/month. Not perfect but I'm 25 and I own a house in Tampa. Way ahead of my friends who are still renting."
You can qualify with a credit score as low as 580 for the 3.5% down payment option. If your score is between 500-579, you'll need 10% down. FHA loans are much more flexible than conventional loans which typically require 620 minimum.
Yes! FHA loans allow you to use gift funds from family members for your entire down payment and closing costs. There are no limits on gift amounts. We'll guide you through the proper documentation needed to use gift funds.
FHA loans require two types of mortgage insurance: an upfront premium of 1.75% (which can be rolled into your loan) and an annual premium of 0.55-0.85% paid monthly. Unlike conventional PMI, FHA mortgage insurance stays for the life of the loan if you put down less than 10%.
Get pre-approved in minutes and see if you qualify for an FHA loan.
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